What you need to know as UAE markets open on March 23

Here are some things you need to know as markets open today in the United Arab Emirates.

1) National Bank of Abu Dhabi and First Gulf Bank have picked a new investment banking team as the two Abu Dhabi-listed lenders prepare to merge by the end of the month, Bloomberg reported citing sources.

2) Arabtec Holding said shares for its upcoming rights issue will be offered at a price of AED 1 per share. The Dubai-listed firm will issue 1.5 billion new shares under the rights issue.

3) Dubai-listed Drake & Scull International said it will sell its stake in Dubai’s ONE PALM to the developer of the project, Omniyat Properties. The ONE PALM development was a joint venture project between Omniyat Properties and DSI, launched on 2014.

4) Logistics firm Aramex shareholders have approved its board’s proposal of 16 percent cash dividend for 2016. The ex-dividend date is March 30.

5) Shareholders of Abu Dhabi-listed Waha Capital have approved a cash dividend of 20 percent, or AED 0.20 per share.

6) Telecom firm Ooredoo shareholders have approved the board’s recommendation to distribute a cash dividend of 35 percent, or QAR 3.5 per share. The company is listed in Abu Dhabi and Qatar.

7) Oil recovered slightly on Thursday after dropping to a four-month low yesterday. Brent crude last was up 0.8 percent at $51.02/bbl and WTI crude rose 0.8 percent to $48.43, an hour before UAE markets opened.

8) Asian stocks were mainly positive towards closing hours. Japan’s Nikkei225 Index was up 0.1 percent; China's CSI300 Index rose 0.4 percent; and Hong Kong’s Hang Seng Index gained 0.4 percent. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com